Bill
Bill > HF31
MN HF31
Individual income and corporate franchise tax provisions modified, and federal tax provisions conformity provided.
summary
Introduced
01/04/2023
01/04/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
01/09/2023
01/09/2023
Passed
01/11/2023
01/11/2023
Dead
Signed/Enacted/Adopted
01/12/2023
01/12/2023
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; individual income and corporate franchise; providing for certain conformity to federal tax provisions; amending Minnesota Statutes 2022, sections 289A.02, subdivision 7; 289A.08, subdivisions 7, 7a; 290.01, subdivisions 19, 31, by adding a subdivision; 290.0123, subdivision 3; 290.0131, by adding subdivisions; 290.0132, by adding subdivisions; 290.0133, by adding a subdivision; 290.0134, by adding a subdivision; 290.06, subdivision 2c; 290.0671, subdivision 1a; 290.0675, subdivision 1; 290.091, subdivision 2; 290.095, subdivision 11; 290A.03, subdivision 15; 291.005, subdivision 1; repealing Minnesota Statutes 2022, section 290.0111.
AI Summary
This bill makes several changes to Minnesota's individual income and corporate franchise tax provisions to conform with recent federal tax law changes. Key provisions include:
- Updating the definition of "Internal Revenue Code" to the version in effect as of December 15, 2022 for various tax calculations.
- Allowing pass-through entities to elect to pay tax at the entity level on behalf of their owners.
- Making adjustments to the treatment of business interest deductions, net operating losses, and excess business losses for certain years.
- Modifying the standard deduction rules for dependents.
- Providing temporary subtractions and additions related to various federal COVID-19 relief provisions.
- Extending the statute of limitations for taxpayers to file amended returns due to changes in this bill.
- Excluding certain coronavirus-related retirement distributions from the property tax refund income calculation.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (34)
Aisha Gomez (D)*,
Patti Anderson (R),
Kristin Bahner (D),
Jeff Brand (D),
Brion Curran (D),
Greg Davids (R),
Heather Edelson (D),
Steve Elkins (D),
Mary Franson (R),
Cedrick Frazier (D),
Emma Greenman (D),
Rick Hansen (D),
Jess Hanson (D),
Kaohly Her (D),
Athena Hollins (D),
Samakab Hussein (D),
Sydney Jordan (D),
Jim Joy (R),
Ginny Klevorn (D),
Liish Kozlowski (D),
Jon Koznick (R),
Liz Lee (D),
Leon Lillie (D),
Dave Lislegard (D),
Kelly Moller (D),
Andrew Myers (R),
Mike Nelson (D),
Mohamud Noor (D),
Matt Norris (D),
Kristi Pursell (D),
Liz Reyer (D),
Kristin Robbins (R),
Jeff Witte (R),
Cheryl Youakim (D),
Last Action
Author added Hussein (on 01/17/2023)
Official Document
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